Indian equity markets experienced a continued downward trend, with the Nifty index declining 2% this week, marking its sixth consecutive loss.
On November 14, the Nifty closed down 26.30 points at 23,532.70, while the Sensex fell 110.64 points to 77,580.31.
Analysts attribute the selling pressure to various factors, including weak earnings for Indian companies, concerns over foreign institutional investor outflows, and external pressures from a stronger US dollar and rising bond yields.
Market sentiment remains cautious as frontline indices have now dropped over 10% from their September highs, entering correction territory for only the second time since the COVID-19 selloff in March 2020.
Technical analysts highlight immediate resistance for the Nifty at around 23,800, with potential further declines targeting the 50-week exponential moving average at 23,200.
Despite the overall market decline, the breadth showed some resilience, with 2,039 shares advancing against 1,718 decliners.